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Metal, financial stocks weight on China indices

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decline2 Feb. 4, 2010 (Chinavestor) Shares of Chinese companies fell in Shanghai and in Hong Kong following news that Bank of Communications (HKG:3328) will have to replenish capital. Metal players underperformed as commodity prices slipped. The Hang Seng Index broke a four day winning streak and fell -380.44 points or  -1.84% to 20,341.64 at the close. The sell off was universal; airliners, metal, financial stocks fell just as did index heavy weight Petrochina Co. (HKG:0857) and China Mobile (HKG:0941).

 

Trading was very similar on the mainland exchanges; the Shanghai Composite Index slipped -8.53 points or -0.28% to under 3,000 level. Metal players dragged down the index: Jiangxi Copper (SHA:600362) fell -2.8% followed by Jinduicheng Molybdenum (SHA:601958) and Zijin Mining (SHA:601899). Aluminum Corp. of China (SHA:601600) shed -1.6% in Shanghai.

Weak jobs numbers suggests a negative open for the markets on Wednesday. Expect momentum stocks to suffer the most - for a stock specific report see today's overbought/oversold analysis.

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